Northwest Indiana Imputed Gross Metropolitan Product (GMP)
In the fourth quarter of 2017, the annual estimate of Northwest Indiana's Gross Metropolitan Product (GMP) was equal to $30.18 billion. This places the relative size of Northwest Indiana's Economy at 8.6% of the State of Indiana's economy and 4.6% of the economy of the Chicago Metropolitan Area. GMP per capita was equal to $43,016/person.
Snapshot of 2017 Northwest Indiana
Nominal Gross Metropolitan Product
GMP per capita
When adjusting for inflation, real GMP for Northwest Indiana fell by 0.4% and real GMP per capita fell by $181 per person (-0.4%) compared to one year ago.
What is Gross Metropolitan Product?
Gross metropolitan product (GMP) is a measure of the value of all final goods and services produced within a metropolitan area during a year. GMP is similar to Gross Domestic Product (GDP), which measures economic output and activity at the national level. On this page you will find quarterly estimates of imputed Gross Metropolitan Product.
The follow table provides links to download four different series of imputed Gross Metropolitan Product (GMP) for Northwest Indiana. These values are reported quarterly and reflect annual levels.
Nominal GMP per capita
(.csv, 2015 dollars)
Why is it "Imputed"?
Unlike at the State and National level, GDP, or economic output, is rarely precisely measured at a regional level the size of Northwest Indiana. In order to provide a measure of the economic output for Northwest Indiana we rely on a variety of regular and irregular data to impute, or assign value by inference to, an estimate of Northwest Indiana's Gross Metropolitan Product. Our data come from different sources, including our own Northwest Indiana Coincident Index, some traditional government datasets as well as singular reports both private and public. For more information please see the notes and data sources section below.
How accurate is GMP?
One way to evaluate the accuracy of the Northwest Indiana Imputed GMP is by comparing its estimates to other measure of Northwest Indiana output and income not used in its construction. The graph below shows Northwest Indiana real GMP per capita in comparison with two other recent measures. The first is real earnings per worker for Northwest Indiana, which is published by the Bureau of Labor Statistics and the second is two estimates of Gross Regional Product for the same Northwest Indiana region, published by the Minnesota IMPLAN Group, Inc. As the graph shows, the NWI imputed GMP is consistent with these other measures.
Notes and Data Sources
The following is a list of data sources used to generate the series on this page:
- Northwest Indiana Coincident Index, School of Business and Economics, Indiana University Northwest
- Consumer Price Index, All Items, U.S. City Average, U.S. Bureau of Labor Statistics.
- Quarterly Census of Employment & Wages, U.S. Bureau of Labor Statistics.
- Population Estimates & Projectsions, U.S. Census Bureau.
- U.S. Metro Economies: GMP and Employment 2013-2015, United States Conference of Mayors
- Gross Regional Product (2008, 2011), IMPLAN Group Inc.